Social market economy on the cards

by Rohana Jayalal

The Government plans to make Sri Lanka the most competitive economy
in the World, Deputy Minster of Policy Planning and Economic Affairs,
Dr. Harsha de Silva told guests at the launch of a program of study for
the Finance and Accounting Outsourcing (FAO) industry at the Institute
of Chartered Accountants in Colombo last week.

A social market economy will be created within the next five years
through the two pillars of the economic plan, competitiveness and
justice, which will also transform Sri Lanka and give every Sri Lankan
an equal opportunity.“As a Government we must increase expenditure on
education to six percent of the GDP to develop human resources.

The government currently spends around five percent on education.
This is not sufficient,” he said.The FAO qualification offered by CA Sri
Lanka, which aims at creating finance and accounting professionals with
the right knowledge, attributes and skills specifically needed for the
FAO industry.

It has also been endorsed by the Sri Lanka Association for Software
and Services Companies (SLASSCOM), the national chamber for the IT/BPM
industry in Sri Lanka and the Information and Communication Technology
Agency (ICTA), which is the apex ICT institution of the Government.

President, CA Sri Lanka, Arjuna Herath said that Sri Lanka is known
to produce accountants of international standing, having the capacity to
serve not only the domestic market but international markets as well.

“This is also one of the key attributes as to why our country is a
preferred destination for the FAO industry. CA Sri Lanka supported by
SLASCOM and ICTA embarked on this mission to produce professionals with
the right skills and knowledge specifically needed for this industry,”
he said.

The success of this industry largely depends on the skills and
talents of the people serving the industry and, therefore, the launch of
the Certified Finance and Accounting Specialist qualification for the
FAO industry will help the financial accounting outsourcing industry to
grow to its full potential.

Herath said, “The launch of the qualification will undoubtedly
contribute to the enhanced standards of quality that Sri Lanka can offer
the world as an FAO destination.”